According to BlockBeats, the Central Bank of the Bahamas is formulating regulations that require commercial banks to provide access to its Central Bank Digital Currency (CBDC). The move comes as the adoption of the Sand Dollar, the CBDC launched by the Bahamas in 2020, remains limited.
John Rolle, the Governor of the Bahamas Central Bank, stated that the government is developing regulations to effectively compel commercial banks to issue the CBDC, in an effort to promote its widespread use. The new regulations are part of the Central Bank's strategy to increase the adoption and use of the Sand Dollar, which has seen limited uptake since its launch four years ago.
The Central Bank's move to mandate commercial banks to provide access to the CBDC is seen as a significant step towards the broader acceptance and use of digital currencies in the Bahamas. The details of the regulations are yet to be released, but they are expected to provide a clear framework for commercial banks to follow in issuing the CBDC to their customers.